The House Financial Services Committee is convening a hearing today, led by Subcommittee Chairman Bryan Steil (WI-01), to discuss the role of digital assets and blockchain technology in the U.S. economy. The hearing aims to examine current applications of these technologies and their potential to transform financial services.
In his prepared remarks, Chairman Steil stated, "Good afternoon and welcome to the first hearing of the House Financial Services Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee." He emphasized the opportunity digital assets present for modernizing financial infrastructure and enhancing the efficiency of payments both domestically and internationally.
Steil criticized the Biden Administration's regulatory approach, saying it "stifled innovation" within the digital asset ecosystem. He argued that inconsistent actions by agencies under this administration pushed innovators offshore, harming American investment and leaving consumers vulnerable to fraud. He noted that other regions like the EU and UK have advanced regulatory frameworks while the U.S. has lagged behind.
Under the Trump Administration, Steil mentioned efforts to create pathways for responsible digital asset companies in the U.S., highlighting steps such as President Trump's Executive Order on digital assets and recent moves by agencies like SEC and FDIC.
Steil also discussed collaboration with various stakeholders: "Last Tuesday, the White House’s AI and Crypto Czar, David Sacks, joined Chairmen Hill, Thompson, Boozman, and Scott for a press conference where they all agreed that it is time for both regulators and Congress to get this done."
He announced a discussion draft of the STABLE Act aimed at providing a regulatory framework for payment stablecoins issuance. Feedback from stakeholders is sought to refine this legislation.
Steil concluded with a call for cooperation among government entities: "Together, we can ensure that stablecoin issuers, digital asset firms, and blockchain developers can operate under fair, transparent, and predictable rules in the United States."
Today's hearing features witnesses with expertise on these issues who will provide insights into balancing innovation with consumer protection.